Most loans allow sellers to pay up to a certain percentage towards buyer’s closing costs. A lot of times this allowed percentage can cover the entire buyer’s closing costs. This can be very helpful in a number of ways. One, it allows the buyer to put more money towards a down payment which can possibly reduce or eliminate mortgage insurance. Obviously, the property has to appraise for the purchase price including any costs the Seller is paying for the buyer. Lenders will only loan on appraised value. A lot of sellers are aware that they may have to help buyers out in this regard and have priced the property accordingly. However, if the seller is willing to pay for a buyer’s loan costs it probably will impact the purchase price the seller is willing to accept. It all comes down to willing seller and buyer and the needs of both. That is where the best real estate brokers can become invaluable.
Spokane Washington Homes for Sale
Category Archives: Investing in Real Estate
Home Inspections
Home inspections are part of real estate transactions almost always these days. To help understand the home inspection process better I asked Lance Marquardt with Pillar to Post Home Inspections some basic home inspection questions. Here are the questions I asked and his response to them: What kind of things do you see most often…… Continue Reading
What Buyers Want
Most homebuyers prefer newer homes with extra space, according to the NATIONAL ASSOCIATION OF REALTORS’® (NAR) 2013 Profile of Buyers’ Home Feature Preferences. The survey, which examined buyers who purchased a home between 2010 and 2012, finds that the typical recently-purchased home was built in 1996 and had 1,860 square feet. The typical buyer purchased…… Continue Reading
Using Other Peoples Money to Fund Your Retirement
As you know interest rates are at an all time low. This is one of the best times to buy residential rental property (2 to 4 units). Anything above 4 units has to qualify for a commercial loan. You may not know this but commercial financing is not as favorable as residential financing. Commercial financing…… Continue Reading